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Filing tables
Filing exhibits
- 10-K Annual report
- 10.8 Amended CMG Shareholders Agreement
- 10.29 Purchase Contract Agreement
- 10.30 Indenture Between the PMI Group and the Bank of New York
- 10.31 Supplemental Indenture No. 1
- 10.32 Pledge Agreement
- 10.33 Remarketing Agreement
- 10.37 Form of Performance Share Agreement
- 11.1 Statement Re: Computation of Net Income Per Share
- 12.1 Statement Re: Computation of Ratio of Profit to Fixed Charges
- 21.1 Subsidiaries of the Registrant
- 23.1 Independent Auditors' Consent
- 31.1 Certification of CEO
- 31.2 Certification of CFO
- 32.1 Certification of CEO
- 32.2 Certification of CFO
PMI similar filings
Filing view
External links
EXHIBIT 12.1
THE PMI GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | ||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
(Dollars in thousands, except for ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before income taxes (1) | $ | 393,122 | $ | 450,162 | $ | 432,272 | $ | 364,348 | $ | 277,556 | ||||||||||
Less: Equity in earnings from unconsolidated subsidiaries | (4,597 | ) | (44,225 | ) | (18,788 | ) | (11,880 | ) | (7,061 | ) | ||||||||||
Add: Equity earnings from unconsolidated subsidiaries with greater than 50% ownership | (31,096 | ) | 23,371 | — | — | — | ||||||||||||||
Add: Distributed earnings of subsidiaries with less than 50% ownership | 157 | 5,798 | — | — | — | |||||||||||||||
Fixed charges | 40,414 | 30,598 | 27,172 | 22,426 | 19,774 | |||||||||||||||
Total earnings | $ | 398,000 | $ | 465,705 | $ | 440,657 | $ | 374,894 | $ | 290,269 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 20,815 | $ | 17,654 | $ | 15,218 | $ | 10,361 | 8,705 | |||||||||||
Interest expense of unconsolidated subsidiaries with greater than 50% ownership | 12,389 | 5,493 | — | — | — | |||||||||||||||
Distributions on manditorily redeemable preferred securities | 3,676 | 4,030 | 7,604 | 8,309 | 8,309 | |||||||||||||||
Interest component of rent expense (2) | 3,534 | 3,422 | 4,351 | 3,756 | 2,760 | |||||||||||||||
Total fixed charges | $ | 40,414 | $ | 30,599 | $ | 27,172 | $ | 22,426 | $ | 19,774 | ||||||||||
Ratio of earnings to fixed charges | 9.85 | 15.22 | 16.22 | 16.72 | 14.68 | |||||||||||||||
(1) | In October 2003, the Company announced that it had reached a definitive agreement to sell APTIC. Following the announcement, the Company began reporting APTIC's results as discontinued operations in the Consolidated Statements of Operations. The calculation of of the ratio of earnings to fixed charges excludes discontinued operations. Prior periods have been restated to conform to the 2003 presentation. |
(2) | Represents an estimated interest factor. |
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